家族信托立规：涅槃时刻还是洗牌开端？

Core Viewpoint - The family trust business in China is transitioning from chaotic growth to a regulated development phase, marked by the introduction of new guidelines that aim to reshape the industry and enhance the value proposition of family trusts [1][2][6]. Industry Regulation and Guidelines - The China Trust Industry Association is set to finalize the "Family Trust Business Guidelines (Draft for Comments)" by November 2025, which will clarify the definition, business boundaries, qualifications of trust companies, and fee principles for family trusts [1][7]. - The new regulations will establish a dual entry threshold for family trust businesses, focusing on regulatory ratings and professional capabilities, requiring trust companies to achieve at least a B rating to continue offering family trust services [3][9]. Market Dynamics and Competition - The implementation of the new guidelines is expected to lead to a significant reshuffling of the family trust industry, favoring institutions with strong compliance capabilities and professional teams while potentially eliminating those that rely on price competition and lack compliance awareness [4][10]. - The competition in the family trust sector will shift from a focus on scale to a comprehensive evaluation of professional capabilities, service quality, and brand reputation [4][10]. Service Quality and Client Focus - The essence of family trusts is being redefined from mere financial management to wealth protection and intergenerational transfer, emphasizing customized services such as estate planning, risk isolation, and family governance [2][8]. - Trust companies are required to establish assessment mechanisms distinct from asset management, focusing on compliance, service quality, and client satisfaction rather than solely on scale [3][9]. Future Outlook - The standardization of family trust services is seen as a new starting point for the industry, promoting a healthier and more sustainable development environment [5][11]. - The market is anticipated to become more transparent and regulated, enhancing the legal certainty and institutional value of family trusts, thereby facilitating better wealth transfer and family governance for high-net-worth families [6][10].